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American import prices demonstrate the biggest dive for more than three years
In November, American import prices went down by the most for more than three years due to the fact that the cost of petroleum products decreased and a strong evergreen buck suppressed prices of other goods, indicating descending imported inflation in the near term.
On Thursday, the Labor Department uncovered that import prices lost 1.6% the previous month. It happens to be the biggest tumble since August 2015, following an unrevised 0.5% leap in October.
Financial analysts had hoped import prices would inch down by 0.9% in November.
In November, prices for imported fuels as well as lubricants went down by 11% having soared by 3.2% in October. Besides this, prices for imported petroleum inched down by 12.1%, which appears to be the greatest sink since January 2016, having leapt by 2.7% in October.
Since the beginning of October, crude prices have gone down by a third against the backdrop of fears about oversupply as well as a decelerating global economy.
In November, food prices went down by 2.2%, reversing October's 2.2% leap. Moreover, without food and fuels, import prices dived by 0.2% in November after being intact in October. The so-called core import prices surged by 0.4% for the 12 months through November.
The dismal core import price readings actually reflect the firm greenback that has surged nearly 8% in 2018 versus the currencies of America’s key trade partners.
According to this report, in November, export prices went down by 0.9%, which is the biggest slump since January 2016, having surged by 0.5% in October. Apparently, a 1.8% rebound in prices of agricultural exports was partly compensated by a 1% sink in prices of nonagricultural products.
In November, on a year-on-year basis export prices rallied by 1.8% having ascended by 3.1% in October.
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Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.